Ohio Bureau of Workers' Compensation, Columbus, will begin a search Nov. 1 for active domestic midcap value equity managers to run a total of about $514 million, or 2% of overall assets, for the $25.7 billion State Insurance Fund.
The bureau, which oversees a total of $28 billion in insurance funds, will issue the RFP due to the termination in January of Sasco Capital and Systematic Financial Management, two of the SIF's three active midcap domestic equity managers, spokesman Tony Gottschlich said in an email.
The managers, which ran a combined $355 million at the time for the insurance fund, were terminated due to personnel changes at both firms.
Since then, the assets have been held in a domestic midcap equity index fund managed by transition manager Russell Investments. As of Sept. 30, that portfolio had $372 million in assets.
The other active manager, Barrow Hanley Mewhinney & Strauss, will be invited to rebid. As of Sept. 30, that portfolio had $194 million in assets.
The RFP will be posted Nov. 1 on the state of Ohio's procurement website. Proposals will be due Dec. 17 and a decision will likely take place in April 2020.
Investment consultant RVK is assisting.
